A group of 21 state financial officers on Monday urged the Department of the Treasury to terminate the IRS’s Direct File pilot program, contending that its shortcomings were likely to lead to problems for filers, cause needless confusion, and result in lost state revenues.
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Electric-vehicle startup Fisker may file for bankruptcy as the declining pace of consumer demand weighs upon the struggling company.
In a March 15 8-K filing with the Securities and Exchange Commission, the company warned investors that “Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024 (the “Interest Payment”) with respect to Fisker’s unsecured 2.50% convertible notes” and that “the Company has a 30-day grace period to make the Interest Payment.”
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Democrats in the Virginia General Assembly are reportedly working on plans to build a new facility for the Washington Capitals and Wizards in Fairfax County after the defeat of proposed legislation to build the arena in Alexandria.
Senate Majority Leader Scott Surovell (D-Fairfax) pitched a plan to use the money from a new casino in Fairfax County to build an arena, according to The Washington Post. Surovell’s plan reportedly has the support of the company seeking to build the casino, as well as political consultant Ben Tribbett, who the outlet reported also works for Senator L. Louise Lucas (D-Portsmouth).
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Georgia’s February unemployment rate remained unchanged from the revised January rate, labor officials said Thursday.
State officials said the Peach State’s 3.1% unemployment rate is below the national rate of 3.9%. Last week, state officials said Georgia’s January unemployment rate dropped to 3.1%, the first drop in more than a year after holding at 3.2% in 2023.
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Just four of 17 members in Congress from Ohio opposed the $1.2 trillion spending bill given to taxpayers as law early Saturday.
Republican Sen. J.D. Vance and Republican Reps. Troy Balderson, Warren Davidson and Jim Jordan all said no in votes cast over Friday and early Saturday morning. Six House Republicans from Ohio cast a vote for the legislation.
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The House Judiciary Committee has opened an inquiry to whether the IRS is using artificial intelligence to invade Americans’ financial privacy after an agency employee was captured in an undercover tape suggesting there was a widespread surveillance operation underway that might not be constitutional.
Committee Chairman Jim Jordan, R-Ohio, and Rep. Harriet Hageman, R-Wyo., sent a letter last week to Treasury Secretary Janet Yellen demanding documents, and answers as to how the agency is currently employing artificial intelligence to comb through bank records to look for possible tax cheats.
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Existing home sales increased 9.5% in February to a seasonally adjusted annual rate of 4.38 million, marking the largest monthly increase since February 2023, but overall sales declined 3.3% from the previous year, according to the National Association of Realtors.
Total existing home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – jumped 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).
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Not since Prohibition has the federal government sought to ban a product as popular as the internal combustion engine.
This week, the Environmental Protection Agency released its final emissions standards rule, requiring that 70% of new vehicle sales be pure battery-powered electric or hybrids by 2032.
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The U.S. Department of Commerce and Intel Corporation reached a non-binding preliminary memorandum of terms to offer up to $8.5 billion in direct funding via the CHIPS and Science Act to the company in hopes of creating jobs and logic chips in four states.
Intel plans to invest over $100 billion in the United States over the next five years. It also plans to expand its operations in Arizona, New Mexico, Ohio, and Oregon, which it estimates will create over 10,000 manufacturing jobs and nearly 20,000 construction jobs, according to a statement from the U.S. Department of Commerce.
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State Rep. Tom Kunse wants reform within the Michigan Liquor Control Commission after an audit found more than 62,000 liquor bottles were missing.
The audit from the Office of the Auditor General marked three “material conditions” – the most severe rating – for the group composed of five unelected governor appointees that oversee liquor distribution through authorized agents using 11 state-owned warehouses.
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The federal government is goosing Pennsylvania’s solar energy footprint, sending $90 million to create the largest solar project in the state on reclaimed mine land.
The project, in Clearfield County, will be almost twice as big as the large solar project in operation, estimated to produce more than 400 megawatts of electricity, enough to power about 70,000 homes.
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The U.S. Environmental Protection Agency said Wednesday it is finalizing more protective emissions standards that it called the “strongest ever” for light-duty and medium-duty vehicles that it claims will reduce air pollution and be phased in from 2027 through 2032.
In a news release, the EPA claimed the standards would result in a reduction of 7 billion tons of carbon emissions and have a net benefit of $100 billion in terms of public health benefits as well as reduced fuel costs and maintenance and repair costs for drivers.
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An Ohio Kroger employee says union officials threatened his job if he didn’t sign a union membership form, and the company illegally took union dues from his paycheck.
James Carroll, who works for Kroger in Fairfield, submitted charges against the union and Kroger to the National Labor Relations Board in Cincinnati with help from the National Right to Work Foundation, according to the foundation.
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A Grand Canyon University student says she has not been allowed to offer her opinions in class while her econ textbook is full of them.
Elizabeth Olson sent excerpts of the book, “Essentials of Economics” by Gregory Mankiw, to The College Fix and a syllabus showing it is being used for assignments and discussions throughout the course at the private Christian Arizona university.
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A majority of Americans disapprove of the job President Joe Biden is doing, according to a new poll.
The Center Square Voter’s Voice poll released Wednesday asked voters, “When it comes to President Joe Biden, do you approve or disapprove of how he’s handling his job?”
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The Congressional Budget Office on Wednesday released a bleak outlook for the federal government with new projections that show debt levels will reach their highest levels ever in five years.
“Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter,” according to the CBO report. “That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”
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Energy Secretary Jennifer Granholm said Monday that the nation’s energy stockpiles, which President Joe Biden depleted to its lowest level since the 1980s, will be refilled by the end of 2024.
“By the end of this year we will essentially be back to where we would have been absent the sales,” Granholm said at the CERAWeek energy conference in Houston, Texas, according to AFP.
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State Representative Johnny Garrett’s (R-Goodlettsville) amendment to a Tennessee bill that would have enacted a massive tax increase passed Wednesday in the Finance, Ways, and Means Subcommittee.
According to a fiscal note on the bill before it was amended, it would have increased state revenue by nearly $800 million in taxes on business enterprises.
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Tennessee’s Department of Economic and Community Development has handed out more than $8.8 million in incentives since it last posted FastTrack incentives for February.
Those include $3.4 million to Schneider Electric in Mount Juliet and Smyrna, $2.5 million to Shoals Technologies Group in Portland, $1.6 million to Nokian Tyres in Dayton and $1.3 million to an unnamed project.
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Minnesota Republicans have introduced a bill that would prohibit local governments from regulating rideshare companies after Uber and Lyft said they plan to leave portions of the metro area May 1.
That’s the day a new ordinance passed by the Minneapolis City Council setting minimum compensation standards for rideshare drivers is set to take effect.
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As Republicans and Democrats stay split over Pennsylvania’s energy future, solar advocates want to pocket federal subsidies before they’re gone.
At a House Environmental Resources and Energy hearing on Monday, some legislators worried about the loss of farmland, as well as solar energy growth happening only due to hefty government incentives.
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Intel’s first required progress report shows a $1.5 billion expenditure and another $3 billion committed to what Ohio officials call the largest single private-sector investment in state history.
The report, submitted to the Ohio Department of Development, is part of $2 billion in incentives for the two planned microchip manufacturing facilities in Licking County, including taxpayer-funded grants and tax incentives.
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British luxury carmaker Bentley Motors is pushing back its plans to have an all-electric vehicle (EV) offering by 2030, following other top vehicle manufacturers, according to CNBC.
Bentley had originally planned to transition all of its vehicle sales to EVs by 2030 but announced that it would be looking to delay that change by a couple of years, continuing to offer hybrids through that time, CEO Adrian Hallmark said in a media briefing following the company’s fourth quarter results, according to CNBC. General Motors, Ford, Mercedes-Benz and Honda have all backed off of previously made EV goals in the past year as low demand and high costs have stifled the commodity’s profitability compared to traditional vehicles.
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As the economy worsens, multiple industries continue to shed jobs.
U.S.-based companies laid off 82,307 employees in January, a 136 percent increase from the previous month, according to a report by the business and coaching firm, Challenger, Gray & Christmas, Inc. The Wall Street Journal reported companies are still cutting white-collar jobs in an attempt “to do more with less.”
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Vinnie Vernuccio, president of the Institute for the American Worker, said workers’ latest attempts to unionize the Volkswagen plant in Chattanooga appear to be “failing.”
On Monday, the United Auto Workers (UAW) announced that a group of Volkswagen workers in Chattanooga filed a petition with the National Labor Relations Board for a vote to join the labor union.
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Tennessee’s farmers and growers generate $89 billion annually in economic activity. Simply put, we rely on our farmers. And today, we honor them. Few Americans make more of a difference in the lives of others than farmers. From growing the food we cook to the cotton we use to make clothes, our farmers truly are the backbone of our economy.
My greatest privilege in Congress is to serve the hardworking people of Tennessee, especially farmers. Those who work hard to feed our families, those who tirelessly labor sun-up to sun-down, those who make possible the American dream; it is their selfless sacrifice to the soil that keeps our state growing.
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After a short reprieve gas prices in Tennessee are once again on the rise, defying traditional patterns.
Monday’s average gas price per gallon in the Volunteer State was $3.09 per gallon, up from $3.07 a week ago, according to the American Automobile Association (AAA).
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Georgia Attorney General Chris Carr on Thursday announced he is leading a coalition of 10 attorneys general in opposition to a new rule requiring publicly traded companies to create annual climate change reports.
Carr leads a coalition that includes attorneys general serving Georgia, West Virginia, Alabama, Alaska, New Hampshire, Oklahoma, South Carolina, Wyoming and Virginia in a petition for the 11th U.S. Circuit Court of Appeals to review whether the newly-enacted rule should remain.
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Major fabric and craft retailer Joann announced Monday that it was filing for bankruptcy as consumers pull back on spending due to harsh economic conditions.
The retailer recently reached an agreement with a majority of its financial stakeholders as well as other financing parties, giving the company around $132 million in new financing while also reducing the debt on the company’s balance sheet by around $505 million, according to an announcement from Joann. Retail sales across the U.S. economy have continued to slump in recent months, growing just 0.6 percent month-to-month in February, not including inflation, and declining 1.1 percent in January as consumers pull back on non-essentials as prices rise.
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The charitable foundation of Amazon founder and billionaire Jeff Bezos is pouring tens of millions of dollars into efforts to advance synthetic meat.
The Bezos Earth Fund (BEF) will be spending an initial $60 million to fund research and development of “alternative proteins,” which the University of Melbourne defines as “plant-based and food-technology alternatives to animal protein,” the BEF announced Tuesday. The $60 million commitment is part of the BEF’s $1 billion campaign to transform food systems to fight climate change.
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Inflation in the Phoenix metropolitan area appears to be calming down, according to new Consumer Price Index data from February.
The CPI saw an uptick of 2.2% year-over-year from last February, and a 0.7% increase between December 2023 and this February. That’s lower than the nationwide year-over-year rate of 3.2%.
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Though windmills and solar panels get the headlines, the big energy topic in Washington is electric transmission. Whether it is Congress’s newfound interest in permitting reform, the U.S. Department of Energy’s new Grid Deployment Office, or the Federal Energy Regulatory Commission’s (FERC) upcoming final rule on transmission planning and cost allocation, how to build and pay for long-range transmission to connect generators to customers is considered the final piece in the quest to meet net-zero goals.
Like so many issues in Washington, the need for more transmission lines is accepted without question and the costs are not considered. But for American consumers, especially low-income and elderly, as well as small businesses and energy intense manufacturers, building new transmission lines could result in much higher monthly bills and leave them on the hook for stranded assets.
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The Insurance Institute for Highway Safety says automakers should incorporate new rating programs into their partial driving automation systems to reduce traffic deaths.
The new IIHS ratings aim to encourage safeguards that can help reduce intentional misuse and prolonged attention lapses.
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Metro Nashville Chief Development Officer Bob Mendes addressed the proposed “East Bank Development Authority” that would oversee the East Bank development project at a Friday press conference. Mendes also detailed some restrictions he said are intended to create a “neighborhood” in a 30-acre area of the East Bank.
Mendes said he was hopeful that the Tennessee General Assembly would pass the necessary legislation to create an East Bank Development Authority, which he added would also need to be approved by the Nashville Metro Council.
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The housing market is not immune from inflationary woes as buyer’s purchasing power has significantly diminished in four years. Home buyers in 2024 need 80% more income to purchase a home than they did in 2020, according to a new report by Zillow.
“The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time,” the report states. That equates to $47,000 more than four years ago.
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The federal government is sending more than $210 million for projects across the state, from building a park over downtown Atlanta’s Connector to removing a flyover ramp in Savannah.
The largest project is a $157.6 million Reconnecting Communities and Neighborhoods Grant award to jumpstart the first phase of construction of the Stitch, a four-acre park over Interstates 75 and 85.
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Dollar Tree and its subsidiary, Family Dollar, will close 1,000 stores following a net loss of $1.71 billion over three months, the discount retailer said Wednesday.
The company plans to close about 600 Family Dollar stores in the first half of this year and allow about 370 Family Dollar stores and 30 Dollar Tree stores to close over the next few years at the end of their lease terms.
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The Sedona City Council voted on Tuesday to designate an area for homeless Arizonans who live in their vehicles to park overnight.
In a decision proponents presented as a partial solution to the city’s housing crisis, the city council voted to allow residents to park and stay overnight in an unpaved parking area that formerly served Cultural Park, which closed in 2004.
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A major Taiwanese chip manufacturer’s plan to build a key factory in the U.S. has been plagued with significant delays. Meanwhile, the chipmaker is on schedule to open a separate facility in Japan.
One of the plants Taiwan Semiconductor Manufacturing Company (TSMC) is building in Arizona has delayed manufacturing until 2027 or 2028 instead of 2026 because of uncertainty regarding funding it will receive from President Joe Biden’s administration, according to The New York Times. TSMC’s factory in Japan is on track to operate on schedule as the country’s government has helped the factory by committing billions in funding and assisting with assembling thousands of employees to build it, the WSJ reported.
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President Joe Biden is expected to announce his opposition to the foreign acquisition of the iconic American company U.S. Steel on Thursday as he looks to win over blue collar voters, according to The Associated Press.
The Japanese Nippon Steel Corporation first announced that it would be acquiring U.S. Steel, the world’s fourth-largest steel producer, in December for around $14.9 billion after entertaining multiple offers, including from American steel company Cleveland Cliffs. The announcement is part of the president’s bid to sway blue-collar voters and union members by positioning himself as supporting American manufacturing, with the remarks to be delivered in the battleground state of Michigan, according to the AP.
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Producer prices spiked last month, another sign of rising inflation in the U.S., according to new federal data.
The U.S. Bureau of Labor Statistics on Thursday released its monthly Producer Price Index, a leading marker of inflation, which showed an increase of 0.6% in February, more than expected.
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Steve Mnuchin, the Treasury secretary under the Trump administration, said Thursday that he is organizing a group to buy TikTok as a bill proceeds through Congress that would force the popular social media app to either be sold or be banned.
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Tennessee’s nonfarm monthly employment went down 56,800 in January, according to the Tennessee Labor Market Report.
The report notes employment is up 3,300 year-over-year.
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Governor Brian Kemp made public remarks about electric vehicle manufacturer Rivian Automotive announcing plans to pause work on its $5 billion plant in Georgia in a Tuesday press event.
Kemp, whose support for the Rivian deal helped generate $1.5 billion in tax incentives for the company, called the situation “no doubt disappointing” in a press conference.
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Financialization: “A pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production.”
– Greta Krippner, Economic Sociologist, University of Michigan
There are plenty of examples of how America’s economy shifted from a production-based economy to a financially-based economy over the past forty years. Starting around 1980, with the economies of post-World War II Europe and Japan fully rebuilt and roaring, and emerging Asian economies turning into powerhouses of manufacturing as well, America chose financialization as an alternative to rising up to meet the competition.
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The border crisis has taken on many forms in Texas, from crime to fentanyl poisonings to farmers and ranchers losing their livelihoods.
Another casualty of the border crisis is the U.S. State Department’s failure to hold accountable Mexican government authorities to a 1944 Treaty of Utilization of Waters, resulting in Texas’ last sugar mill shut down, the industry contends. The Rio Grande Valley is bracing for an expected initial $100 million in economic losses as a result.
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Bloomberg Philanthropies announced on Tuesday that three Tennessee cities will take part in an initiative that would use federal funds provided by the Biden administration.
Nashville, Memphis, and Chattanooga were selected for the organization’s American Sustainable Cities Initiative, which stated its focus would be on creating economic equity and green energy jobs, according to a Tuesday news release from Bloomberg Philanthropies. Mike Bloomberg, the former Democratic New York Mayor, founded Bloomberg Philanthropies.
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The U.S. House of Representatives on recently legislation filed by Representatives Steve Cohen (D-TN-09) and Tim Burchett (R-TN-02) that would require the Tennessee Valley Authority (TVA) to publish the salaries of its top executives, Cohen announced in a Monday press release.
Titled the TVA Salary Transparency Act, text of the two-page bill reveals new requirements would be posed for the TVA to provide annually “a report of the total number of employees at the management level or above, to include all executives and board members, that shall include the names, salaries, and duties” of employees “that are receiving compensation” higher than that allotted to the highest paid government employees.
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The Committee for a Responsible Federal Budget (CRFB) a budget watchdog group, found that President Joe Biden’s fiscal year 2025 budget would drive the national debt to $45.1 trillion or 106 percent of the U.S. Gross Domestic Product (GDP) by 2034, from $27.4 trillion or about 97 percent of GDP at the present time.
The organization noted that those calculations are based on the Biden administration’s own internal figures. The current $27.4 trillion debt figure is the debt held by the public, not the total national debt including intragovernmental holdings.
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Consumer prices jumped again in February, in part driven by a significant rise in gasoline prices, according to newly released federal inflation data.
The U.S. Bureau of Labor Statistics released its Consumer Price Index Tuesday, a leading marker of inflation, which showed prices rose 0.4 percent in February and 3.2 percent over the past year.
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